The Bottom Line
What was the agreement announced by the U.S. and Iran late on Friday? Media news announced the following agreement:
- Reopening of the Strait of Hormuz
- A stop in military hostilities for the next 60 days
- Continued negotiations on removal of Iran’s high grade nuclear material and on the winding down of Iran’s ballistic missile program.
Final approval on the agreement by the new Ayatollah and by President Trump has yet to be announced. U.S. equity indices closed near all-time highs on Friday, but were virtually unchanged following the news. More news on the event this week is expected to impact world equity prices, one way or the other.
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts increased their 2026 earnings and revenue estimates again last week: 97% of companies have reported first quarter results to date: 85% have reported higher than consensus earnings and 81% have reported higher than consensus revenues.
- Consensus for first quarter 2026 earnings increased to 28.6% earnings gain from a 28.4% gain last week. Revenue gains increased to 11.8% from 11.6%.
- Consensus for second quarter 2026 earnings gains increased to 21.6% from 21.0% last week. Consensus for revenue gains increased to 12.0% from 11.5%.
- Consensus for third quarter 2026 earnings gains increased to 24.8% from 24.2%.last week. Consensus for revenue gains increased to 10.6% from 10.2%.
- Consensus for fourth quarter 2026 earnings gains increased to 22.3% from 21.7%. Revenue gains slipped to 10.1% from 10.4%.
- For all of 2026, consensus for earnings gains increased to 22.6% from 22.1%. Consensus for revenue gains increased to 10.7% from 10.4%.
Economic News This Week
Source: www.MarketWatch.com
May ISM Manufacturing Index released at 10:00 AM EDT on Monday is expected to increase to 53.2 from 52.7 in November.
April U.S. Construction Spending released at 10:00 AM EDT on Monday is expected to increase 0.3% versus a 0.6% increase in March.
April U.S. Factory Orders released at 10:00 AM EDT on Wednesday are expected to increase 4.3% versus a 1.5% increase in March.
May ISM Services Index released at 10:00 AM EDT on Wednesday are expected to increase to 53.9 from 53.6 in April.
Beige Book is released at 2:00 PM EDT on Wednesday.
First quarter U.S. Productivity released at 8:30 AM EDT on Thursday is expected to increase 0.6% versus a 0.8% previous increase.
May U.S. Non-farm Payrolls released at 8:30 AM EDT on Friday is expected to drop to 90,000 from 115,000 in April. May U.S. Unemployment Rate is expected to be unchanged from April at a 4.3%.. May Hourly Wages are expected to increase 0.3% versus a 0.2% increase in April. On a year-over-year basis, May Hourly Wages are expected to increase 3.4% versus a 3.6% increase in April.
Selected Earnings News This Week
Source: www.Investing.com
Monday: Hewlett Packard
Tuesday: Palo Alto, Dollar General, Ulta Beauty
Wednesday: Broadcom, CrowdStrike, Medtronic
Thursday: Saputo, Lulu lemon, Rubrik
Changes Last Week
Technical Notes for Friday
Italy iShares (EWI) moved above $59.67 to an all-time high extending an intermediate uptrend.
Microsoft (MSFT) a Dow Jones Industrial Average stock moved $432.76 resuming an intermediate uptrend.
Atlassian (TEAM) a NASDAQ 100 stock moved above $96.32 resuming an intermediate uptrend.
Okta (OKTA) a NASDAQ 100 stock moved above $97.45 resuming an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 29th 2026
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for May 29th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 29th 2026
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Michael Campbell’s Money Talks for May 30th
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Dan Niles: Don’t Go Broke Trying To Call The AI Bubble Peak
Dan Niles: Don’t Go Broke Trying To Call The AI Bubble Peak – YouTube
Market Game Plan: The DELL Insanity, Consumer Crash, Oil ‘Deal’ And Top Trades
Verified Investing
Market Game Plan: The DELL Insanity, Consumer Crash, Oil ‘Deal’ And Top Trades – YouTube
The Algos Took It Up. They’ll Take It Down Twice as Fast.: Guy Adami, Dan Nathan, Liz Thomas (Note Factset earnings estimate study)
The Algos Took It Up. They’ll Take It Down Twice as Fast. – YouTube
Semis Weaken, but Watch these Three Areas | Weekly Market Recap May 29th, 2026: Tom Bowley
https://www.youtube.com/watch?v=4_chHWh_rVg
Canada’s Bubble of Everything is Bursting: Bob Hoye
https://www.howestreet.com/2026/05/canadas-bubble-of-everything-is-bursting-bob-hoye/
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.20 on Friday and dropped 3.60 last week to 54.40. It remained Neutral.
The short term (20 days) Barometer dropped 3.80 on Friday and dropped 8.40 to 51.00. It remained Neutral.
The long term Barometer slipped 0.80 on Friday and slipped 0.20 last week to 59.20. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer added 1.82 on Friday and 4.09 last week to 61.82. It changed from Neutral to Overbought on a move above 60.00.
The short term (20 days) Barometer added 3.64 on Friday and gained 2.27 last week to 59.09. It remains Neutral.
The long term Barometer added 3.18 on Friday and gained 5.46 last week to 76.82. It remains Overbought.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed
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Equity Clock Publications